Income-Based Repayment Plans

Income-Based Repayment (IBR) Plans are student loan repayment options that adjust monthly payments based on your income and family size. Instead of a fixed amount, payments are typically capped at a percentage of your discretionary income, making them more manageable during periods of low or fluctuating earnings. These plans often extend the loan term and may offer forgiveness after 20 or 25 years of consistent payments, depending on the specific plan. The goal is to reduce financial burden while helping borrowers gradually pay off their student loans in proportion to their ability to pay.